Demand for tank containers is expected to slow this week, as high production in the last few years has created excess supply. The downturn in the petrochemical market has also seen fewer requirements to transport liquids in tank containers.
According to the International Tank Container Organization (ITCO), as of 1 January, the number of tank container boxes worldwide increased by 1.9% to 899,000, marking an all-time high. However, the growth rate was the lowest since the survey began in 1992.
After recording an all-time high of 67,800 units in 2022, new equipment production declined to 56,600 units in 2023 and has continued to show a sharp downward trend every year since.
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